Bitcoin Price Struggles Near $100K: What’s Next?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless instances where the market has danced to its own rhythm, defying even the most meticulously crafted predictions. Having navigated through various bull and bear cycles, I’ve learned to respect the market’s unpredictability more than anything else.

The ongoing surge in Bitcoin‘s value is causing heated discussions among financial experts, with opinions divided on whether this cryptocurrency will encounter a significant dip or soar beyond $100,000 due to optimistic technical signals and favorable market attitudes.

On November 22nd, Bitcoin (BTC) encountered significant resistance at the $100,000 mark, as roughly $300 million worth of sellers’ orders hindered any potential price increases.

As a researcher analyzing the cryptocurrency market, I observed that based on TradingView’s data, the BTC/USD pair reached an intraday low of $97,300 today, representing a daily decrease of approximately 1.2%.

As a researcher, I encountered an obstacle in my endeavor to surpass the six-digit threshold, as formidable sell walls emerged, a persistent issue that often arises at crucial psychological stages.

In their latest update on X, the trading platform Material Indicators noted that there is a significant Bitcoin selling barrier in the $99,300 – $100,000 price range as indicated by FireCharts.

On the global trading platform Binance, there was a notable mention of market liquidity, where a significant selling point worth $100,000 stood out prominently against other price points and had been steadily building up over the past few hours.

According to the market data, most trades by brokerages fell within the price range of $100 to $1,000. However, big investors or ‘whales’ have not made significant moves so far.

Based on certain signs, it seems large investors (whales) might be selling, which could challenge current support points and make it easier to surpass the $100,000 mark. During the weekend, when less trading occurs, there might be chances to buy at lower prices.

In the meantime, institutional demand for investments continues to thrive. On November 21st alone, U.S. Bitcoin spot exchange-traded funds (ETFs) experienced inflows of over $1 billion, further supporting the optimistic view for Bitcoin’s future growth.

Traders Eye $90K Support or a Bullish Breakout

Opinions remain split on Bitcoin’s next steps:

  • Crypto Chase, a prominent trader, considers $90,000 as a possible retracement zone in an “optimal scenario.”
  • Conversely, CJ, another market analyst, targets a rebound around the mid-$90,000 range.

From my perspective as an analyst, I’ve noticed a potentially bullish situation in Bitcoin’s 4-hour Relative Strength Index (RSI). A bullish divergence has been observed, where despite the price showing bearish signs, the RSI has dropped below the overbought threshold of 70. This could indicate a continuation of the trend, suggesting a possible price increase.

As Bitcoin reaches the significant level of $100,000, traders are keeping a keen eye on fluctuations in liquidity and technical signals. The direction Bitcoin takes next – whether it dips back to $90,000 or soars to even greater heights – will be influenced by the complex dance between the actions of large investors (whales), institutional investment trends, and broader economic sentiment.

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2024-11-22 19:00